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Don't Be Caught Short: These Insurance Policies Are Crucial When You Own a Home

Thursday, January 19, 2017

Buying a house is an incredibly exciting milestone to reach, but it comes with a huge amount of responsibility. There’s no doubt that owning a house is a huge deal, and there’s so much more than being given a set of keys and being sent on your way. Life isn’t perfect and we can all experience ups and downs, so to protect your assets you will need to make sure you have the right kinds of cover and insurances in place. Here’s a rundown of them.

Buildings Insurance

Buildings insurance protects the property itself- the roof, walls, general structure. If you were to be a victim of an arson attack, or be struck down by a natural disaster causing damage to your property, for example, buildings insurance means you won’t be left out of pocket. Some mortgages brokers state that you need to have buildings insurance in place to be able to secure a mortgage from them. If you own a house, it’s something you shouldn’t be without.

Contents Insurance

Your contents insurance protects your possessions- so your items rather than the building itself. If you are burgled, or again a disaster such as a fire or flood strikes, your insurance company will cover the amount. It can also be used if important appliances break down. Even if you don’t own your property and are just renting or living in student accommodation, contents insurance is a worthwhile investment. As a homeowner, it’s something you shouldn’t be without, even if you think your home is safe due to the home security measures you have in place- such as CCTV and a burglar alarm.

Boiler Cover

Your boiler breaking down can be a complete disaster. Being stuck with no hot water or heating, especially in the colder months is something that no-one wants to experience. If you have moved into a property where the boiler is past it’s best or you know yours needs replacing, it may be worth paying for a new boiler installation. If you choose a company which offers a long warranty for parts and labour it gives you peace of mind that you’re covered if anything goes wrong. Alternatively you could get cover on an existing boiler. From there you simply make a payment each month and you don’t end up out of pocket if something goes wrong.

Mortgage Protection Insurance

Times of financial hardship can be stressful enough. If you’ve lost your job or been made redundant, the situation can quickly get worse if you then can’t afford your mortgage. To protect against these times, you could buy mortgage protection insurance. That way if you’re out of work for a period of time or aren’t able to cover the payments temporarily you won’t lose your home. It can also be useful to have some savings to cover situations like this too, it gives you more security and peace of mind. And gives you chance to get back on your feet after a period of financial hardship without the worry of being made homeless.

Wills

Once you own a property, it means you have an asset that is more than likely going to increase in value. If you would like this to pass to your immediate family upon your death, you need to have a will in place to guarantee that this will happen. It can feel morbid thinking about death, but we really don’t know what’s around the corner, so it’s better to be safe. When you have a will you ensure your property goes to the person or people you want it to. Without one, it will be up to the laws of the place where you live to decide where it should go.